If All the Variables in a Model Are Under the Control

question 16

Multiple Choice

If all the variables in a model are under the control of the decision maker,then the model is considered to be:

• A)probabilistic
• B)random
• C)mathematical
• D)schematic
• E)deterministic

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Definitions:

Base-Rate Information

This term relates to how often an event occurs within a general population.

Representativeness Heuristic

A mental shortcut that involves making judgments about the probability of an event under uncertainty, based on how much it resembles existing prototypes.

Algorithm

A set of rules or procedures for solving a problem in a finite number of steps, often used in computer programming.

Base-Rate Information

Statistical data that indicates the prevalence of a particular phenomenon in a given population.